Suppose you would like to estimate the effect of an individual's age on the individual's wage. A colleague suggests including a new independent variable age\" equal to the age of individual i at time 13. True or False: The effect of a one-year increase in an individual's age can be estimated using a xed effects model. 0 True 0 False Suppose a balanced panel data set consisting of working individuals over four consecutive years, t : 1, 2, 3, 4, is collected in order to study the factors that influence wages. Since the individuals in the data set were in the work force for all four years, none of the individuals was in school for any of the four years. Consider the following unobserved effects model: log (wages, ) : ,81 d2; +112 d3; +33 (143, +/\\X+ai +11% where wage\" = wage of individual 2' in yeart d2: = 1 in year 2, and = 0 otherwise d3: = 1 in year 3, and = 0 otherwise (14, = 1 in year 4, and = 0 otherwise X = other independent variables 0,,- = unobserved, time-constant effect It\" = idiosyncratic error